Whether you are a buyer, seller or renter, it seems that everyone has an opinion about real estate. As a result, there are more myths attached to the real estate industry than Stonehenge or the Great Pyramid of Giza. Are they doorways to an alternative universe or evidence of alien visitations? We can’t answer those questions, but we do know that many real estate myths are easily busted with some reliable information.
I Don’t Need an Agent – I Have the Internet
One myth created by the internet is that you don’t need an agent to sell your home. Listing your property on the internet is easy, but the agent’s role is more complex than uploading a photo of your house. The agent is the property market expert for your location. Agents know which properties have changed hands for what price, how long each property was on the market before it sold, and what buyers are looking for in the area.
This information is critical for the seller, especially one who has an inflated price expectation. At Bunbury Real Estate, our agents advise clients on realistic prices that will attract buyers so their properties will sell in the average time for that location. We also supervise inspections, keep contact details of who attended and they negotiate the best price and settlement terms for our client, the seller.
Why Pay for Print Advertising? It’s all Online These Days
Online advertising costs little and reaches a huge audience, but in real estate, this is not as effective as it first seems. Firstly, online searches are very specific, so if buyers don’t filter searches correctly, your property will be competing against thousands of irrelevant searches. Secondly, in most housing markets, the majority of buyers are locals. Advertising in the local newspaper is worth the cost. In fact, only 27% of buyers look exclusively online, while 59% of buyers use both print and online to find their perfect property.
Before-sale Renovations Will Make our Property More Valuable
This is a very common misconception. Renovations may increase the value, but only if the seller does some research first. Get a realistic value of the property as it is, then work out what renovations will cost. Add the two together and then ask your agent if the new price is within market expectations.
Things like tidying, rubbish removal and maintenance will not usually get you any more money but they improve the presentation. Electrical, plumbing and structural changes must be done by experts and many buyers will expect to see the paperwork, so do-it-yourself could cost you a sale.
These are just a few of the common myths we regularly face as selling agents. There are many more, so if you are unsure about anything you have heard, just ask us.